Prescott Group Capital Management L.L.C. Buys Shares of 15,793,291 Performant Healthcare, Inc. $PHLT

Prescott Group Capital Management L.L.C. purchased a new position in shares of Performant Healthcare, Inc. (NASDAQ:PHLT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,793,291 shares of the company’s stock, valued at approximately $63,173,000. Performant Healthcare comprises 7.4% of Prescott Group Capital Management L.L.C.’s investment portfolio, making the stock its biggest holding. Prescott Group Capital Management L.L.C. owned about 20.17% of Performant Healthcare at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Mirador Capital Partners LP acquired a new position in Performant Healthcare in the 2nd quarter valued at $9,698,000. CWC Advisors LLC. purchased a new stake in shares of Performant Healthcare in the second quarter valued at about $384,000. Salem Investment Counselors Inc. acquired a new position in shares of Performant Healthcare during the second quarter worth about $248,000. First Eagle Investment Management LLC purchased a new position in Performant Healthcare during the second quarter worth about $10,817,000. Finally, HighMark Wealth Management LLC acquired a new stake in Performant Healthcare in the second quarter valued at about $3,250,000. 77.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. B. Riley lowered Performant Healthcare from a “strong-buy” rating to a “hold” rating in a report on Monday, August 4th. Citizens Jmp downgraded Performant Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 1st. Wall Street Zen lowered Performant Healthcare from a “buy” rating to a “hold” rating in a report on Sunday, August 3rd. Craig Hallum cut Performant Healthcare from a “strong-buy” rating to a “hold” rating and set a $7.75 price objective for the company. in a research report on Monday, August 4th. Finally, Lake Street Capital lowered shares of Performant Healthcare from a “buy” rating to a “hold” rating and set a $7.75 target price on the stock. in a research report on Monday, August 4th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Performant Healthcare presently has an average rating of “Hold” and a consensus target price of $7.88.

Performant Healthcare Stock Performance

NASDAQ PHLT opened at $7.75 on Friday. The business has a 50 day moving average price of $7.71 and a 200 day moving average price of $5.45. The company has a market capitalization of $623.41 million, a P/E ratio of -775.00 and a beta of 0.69. Performant Healthcare, Inc. has a 1-year low of $2.17 and a 1-year high of $7.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.64 and a quick ratio of 2.64.

Performant Healthcare (NASDAQ:PHLT) last posted its earnings results on Tuesday, March 15th. The company reported $0.08 earnings per share for the quarter. The company had revenue of $40.04 million for the quarter. Performant Healthcare had a negative return on equity of 0.04% and a negative net margin of 0.64%. Sell-side analysts expect that Performant Healthcare, Inc. will post -0.13 EPS for the current fiscal year.

About Performant Healthcare

Performant Healthcare, Inc engages in the provision of technology-enabled audit, recovery, customer care, and related analytics services. Its services help identify improper payments, and in some markets, restructure and recover delinquent or defaulted assets and improper payments for both government and private clients.